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| One97 IPO to hit capital market next month |
| Press Trust of India / Ahmedabad Aug 17, 2010, 20:33 IST |
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Value Added Service provider to telecom operators, One97 Communications, today said it will come out with an initial public offer (IPO) next month to raise about Rs 120 crore.
"We filed the DRHP with market regulator Sebi on May 18, and expect to come out with the IPO in September for raising Rs 120 crore," Managing Director of One97 Communications Vijay Shekhar Sharma told reporters here today.
"The IPO proceeds will largely be invested in technology deployment to launch new VAS services and scale the current offerings both in India and overseas," he said.
The company provides networking solution services to 11 telecom operators in India, and one each in Afghanistan, Nigeria and Bangladesh.
"The Indian VAS market is valued at close to Rs 4,500 crore, and with the rollout of 3G services, we expect this market to cross Rs 12,000 crore mark by 2015," Sharma said.
The company offers services in categories like Network VAS, Consumer VAS and Enterprise VAS. It's turnover stood at Rs 86.40 crore in the quarter ending December.
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